GCC: Silicone Market 2024

Silicone Market Size in GCC

In 2023, after two years of growth, there was significant decline in the GCC silicone market, when its value decreased by X% to $X. Over the period under review, consumption, however, saw prominent growth. Over the period under review, the market hit record highs at $X in 2022, and then reduced in the following year.

Silicone Production in GCC

In value terms, silicone production expanded significantly to $X in 2023 estimated in export price. In general, production continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Silicone Exports

Exports in GCC

In 2023, the amount of silicones (in primary forms) exported in GCC surged to X tons, picking up by X% on 2022. Overall, exports posted a buoyant expansion. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, silicone exports skyrocketed to $X in 2023. In general, exports recorded resilient growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was approx. X% of total exports in 2023. It was distantly followed by Saudi Arabia (X tons), creating a X% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the silicones (in primary forms) exports, with a CAGR of X% from 2012 to 2023. At the same time, Saudi Arabia (X%) displayed positive paces of growth. From 2012 to 2023, the share of the United Arab Emirates increased by X percentage points.

In value terms, the United Arab Emirates ($X) remains the largest silicone supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates amounted to X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then dropped significantly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Silicone Imports

Imports in GCC

In 2023, silicone imports in GCC rose to X tons, growing by X% against the year before. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, silicone imports contracted to $X in 2023. Total imports indicated a resilient increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then shrank slightly in the following year.

Imports by Country

In 2023, the United Arab Emirates (X tons) represented the major importer of silicones (in primary forms), generating X% of total imports. It was distantly followed by Saudi Arabia (X tons), comprising an X% share of total imports. Oman (X tons), Qatar (X tons), Kuwait (X tons) and Bahrain (X tons) held a relatively small share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the silicones (in primary forms) imports, with a CAGR of X% from 2012 to 2023. At the same time, Oman (X%) and Bahrain (X%) displayed positive paces of growth. Kuwait experienced a relatively flat trend pattern. By contrast, Qatar (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates and Oman increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported silicones (in primary forms) in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

In the United Arab Emirates, silicone imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, which is down by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform